所属栏目:资本市场/政府政策与监管

摘要

This paper studies the trading behavior of investors facing a large number of firm-initiated stock trading suspension events during the Chinese stock market crisis in July of 2015. Using account-level trading data from the Shanghai Stock Exchange, we find that investors with a higher fraction of holding value in suspension sell less (or purchase more) of non-suspended stocks. Consequently, non-suspended stocks whose shareholders having high average account- level suspension fraction experience a relative price appreciation, which subsequently reverses. These evidences indicate that trading suspension can calm down investors and therefore helps to stabilize the volatile market in crisis time.
展开

Weihua Chen; Jennifer Huang; Donghui Shi; Zhongzhi Song Can Stock Trading Suspension Calm Down Investors During Market Crises? (2022年02月10日) https://www.cfrn.com.cn/lw/14958.html

选择要认领的作者1
身份验证1
确认
取消